润本股份：Q3驱蚊婴童护理保持增长韧性，财务费用率带动净利率提升

Investment Rating - The stock is rated as "Buy" and the rating is maintained [2] Core Views - The company reported strong Q3 2024 results with revenue of RMB 1.04 billion, up 26.0% YoY, and net profit attributable to shareholders of RMB 260 million, up 44.4% YoY [3] - Q3 revenue was RMB 290 million, up 20.1% YoY, and net profit attributable to shareholders was RMB 80 million, up 32.0% YoY, meeting expectations [3] - The company's mosquito repellent and baby care products showed resilient growth, with Q3 revenue from mosquito repellent products up 16% YoY and baby care products up 27% YoY [3] - The company's gross margin improved slightly, and the net profit margin increased due to optimized financial expense ratio [3] - The company is expected to see accelerated growth in Q4 due to new product launches and seasonal demand [3] Financial Performance Summary - The company's gross margin for the first three quarters of 2024 was 58.3%, up 2.2 percentage points YoY, and the net profit margin was 25.2%, up 3.2 percentage points YoY [3] - Q3 gross margin was 57.6%, up 0.1 percentage points YoY, and net profit margin was 27.6%, up 2.5 percentage points YoY [3] - The company's financial expense ratio improved significantly, contributing to the increase in net profit margin [3] Earnings Forecast and Valuation - The company's net profit attributable to shareholders is forecasted to be RMB 320 million, RMB 400 million, and RMB 500 million for 2024, 2025, and 2026, respectively [4] - The corresponding P/E ratios are 33x, 27x, and 22x for 2024, 2025, and 2026, respectively [4] - The company's EPS is expected to be RMB 0.79, RMB 0.99, and RMB 1.22 for 2024, 2025, and 2026, respectively [5] Financial Ratios and Metrics - The company's revenue growth rate is expected to be 28.79%, 24.34%, and 23.90% for 2024, 2025, and 2026, respectively [5] - The company's ROE is expected to be 14.78%, 15.55%, and 16.17% for 2024, 2025, and 2026, respectively [7] - The company's debt-to-asset ratio is expected to be 8.78%, 9.10%, and 9.39% for 2024, 2025, and 2026, respectively [7] Product Performance - Q3 revenue from mosquito repellent products was RMB 90 million, up 16% YoY, with an average price increase of 2.2% [3] - Q3 revenue from baby care products was RMB 150 million, up 27% YoY, with an average price increase of 2.2% [3] - Q3 revenue from essential oil products was RMB 50 million, up 15% YoY, with an average price increase of 14.1% [3]